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NFA Bylaw 1303 Amendments To Take Effect October 31

On October 11, the National Futures Association (NFA) issued a notice to its members that amendments to NFA Bylaw 1303 take effect on October 31.

NFA Bylaw 1303 allows the NFA to deem an NFA member’s failure to pay certain fees as a request for withdrawal from NFA membership. Bylaw 1303 will be deemed amended, effective as of October 31, to specify that failure to pay fees related to NFA Financial Requirements Section 10 (Late Financial Reports), NFA Financial Requirements Section 13 (Forex Dealer Member Reports), NFA Compliance Rule 2-46 (CPO and CTA Quarterly Reporting Requirements) and NFA Compliance Rule 2-48 (Forex Dealer Daily Trade Data Reports) will each result in a withdrawal of NFA membership. The amendments also make consistent the time periods upon which withdrawals under Bylaw 1303 are effective.

Bylaw 1303 and the amendments are available here.

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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312-902-5372
Associate

Timothy Kertland concentrates his practice on transactional, corporate and regulatory aspects of financial services matters. Timothy is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, and commodity trading advisers.

While in law school, Timothy served as an editor of the Virginia Tax Review. As a first-year law student, he represented the University of Virginia School of Law at the National Transactional LawMeets Competition.

312-902-5343